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Capital One Secured Credit Card - Secured Card Review - YouTube
Channel: CreditFast
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should you get the capital one secured
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credit card you'll know by the end of
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this video today I'm going to be talking
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about the Capital One secured credit
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card I will be talking about the
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features benefits and drawbacks and by
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the end of this video you'll have a
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complete understanding of whether the
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Capital One secured card is right for
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you
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rebuilding credit then subscribe to
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credit fast I review different credit
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card offers that will take you for bad
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credit to good credit as you can see
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from card holders the Capital One
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secured credit card is a highly
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recommended secured credit card to get
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this review started I put this chart
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together this chart is important because
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approval is not guaranteed so I'm
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showing you here the main reasons people
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get denied if any of these things apply
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to you don't apply for this card if
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possible I want you to avoid a hard
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credit inquiry so these are the things
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that get you disqualified there's no
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annual fee or maintenance fees required
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with the Capital One secured card you
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only need to put down a security deposit
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so how much is it so for a two hundred
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dollar credit line you either need to
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put down forty nine dollars 99 dollars
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or two hundred dollars that security
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deposit amount is determined based on
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your credit history then before your
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account opens you can deposit more to
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raise your credit limit up to $1,000 you
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could deposit an additional 100 dollars
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for a total deposit of 149 for a 300
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dollar line of credit but I definitely
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wouldn't do that for two reasons the
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first reason I will get into but the
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second reason I will get into later in
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this video and you definitely want to
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keep watching because seriously when you
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find out the second reason you might
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want to reconsider the capital was
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secured card altogether I told you there
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were two reasons and this is the first
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reason why you shouldn't put down a
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larger security deposit when you are
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applying for the Capital One secured
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card and that is that after five months
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if you pay all your bills on time
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they're going to give you an automatic
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credit line increased it is almost 100
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percent guaranteed you will get a credit
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line increase if your credit history is
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100% on time so there is no need to put
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an additional deposit to raise your
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credit limit and that argument can be
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made that it would help raise your
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credit utilization by having a larger
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line of credit and you could then use
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20% or less of your credit limit in
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order to build your credit faster and
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higher but I think it's just I would
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rather save money and just go with what
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they're requiring of me and then again I
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would only use about 20% or less of my
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credit line they are fairly generous
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with their credit line increases so I
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would just leave it at that pay on time
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for five months and wait for that credit
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line increase so who is this secured
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credit card good for well it is good for
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people rebuilding their credit as long
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as they're not going through a
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bankruptcy and it's also good for people
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that have no established credit so
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people that are eighteen years or just
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in general people have never had a
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credit card before so have you applied
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for the secured Capital One mastercard
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did you get approved did you get denied
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what was your security deposit was it
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$49 $99 or $200 this will help the
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viewers get an idea of whether they
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should apply you must trust me when I
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say this if you're interested in
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applying for the Capital One secured
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credit card you need to watch this
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entire video there is
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information being circulated on the
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internet online and on YouTube videos
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even on some of the top blog sites I
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wanted to clear that up all in this
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video
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I contacted Capital One directly to get
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a full understanding of this for myself
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I also will be reporting on something
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that will be changing soon that will
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help card holders get an unsecured offer
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so stay tuned to get accurate
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information and where you would stand if
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you become a Capital One secured card
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holder so the secured master card from
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Capital One does not earn rewards if
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you're interested in earning rewards
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with a secured credit card than the
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Discover it's secured card would be
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right for you you're in luck I just did
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a video on it reviewing the benefits and
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drawbacks of the of the Discover it
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secured credit card and that way you can
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compare between these two offers to find
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the one that's right for you and that's
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the point of my channel to find you the
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best credit card offers the cheapest and
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easiest way and speaking of speaking of
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cheapest way I also did another video on
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how to get approved for credit cards
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without a heart inquiry and a lot of
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those offers either had very low fees or
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they had completely no fees for people
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that have really bad credit so if you
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fall into that category definitely check
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that video out too and I have put the
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link to those two videos in the
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description below this video and you can
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check it out like this video so far
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smash that like button it'll help more
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people rebuilding their credit find it
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if you are rebuilding your credit
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Capital One offers this very helpful app
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to help you manage your personal
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finances better you also are able to
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sign up for credit wise and that is free
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credit monitoring service but the good
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thing also with credit wise is you don't
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need to be a capital one card holder in
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order to sign up now I'm going to talk
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about two calm
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this credit card the first being is that
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you have to have a bank account so if
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you don't have a savings account or a
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checking account you cannot get approved
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for a secured Capital One account the
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second thing is the interest rate is
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very high on this card so you're going
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to need to pay your balances in full to
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avoid the interest so keep that in mind
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also I did an article that talks about
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more cons along with pros of having the
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Capital One secured card you should
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definitely check out if you want the
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bigger picture of all the features and
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all the benefits of the Capital One
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secured credit card a benefit that might
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interest you is that there is no four
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transaction fees with any capital one
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credit card that you have usually a four
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transaction fee is 3% also a quick
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important travel tip before you leave
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the country if you're not sure check out
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all the credit cards that you have find
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out the ones that have and don't have
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for our transaction fees you'll thank me
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later
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when you look at your credit card bill
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so this is the part of the video where I
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tell you about the current situation
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with the capital unsecured credit card
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because there is some information that
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is floating around the internet that is
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incorrect okay so this is so this is the
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second reason why I'm telling you not to
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add any more money to your security
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deposit because this becomes very
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uncomfortable later because in order to
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get your security deposit back you have
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to completely cancel your account there
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is no possible way to graduated to
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unsecured so if you want a Capital One
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credit card that earns rewards you're
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going to have to reapply so this part of
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the video is what's new and this is
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insider information because this is
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something they're just about to start
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they haven't started it yet and you're
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not going to find this information on
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any blog well maybe you'll find it on
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credit fast com but other than that
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you're not going to find it on any blog
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now and you're not going to find it in a
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review video on the Capital One secured
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card and that information is I talked to
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somebody at customer service and they
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explained exactly how it works when you
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cancel your card
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get your security deposit back try to
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apply for an unsecured credit card from
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Capital One okay
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so just between us this is what's
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happening with Capital One they are
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changing the way people can apply for an
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unsecured offer after they've had the
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Capital One secured card and this is how
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it goes so this is how it works right
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now currently if you decide to apply for
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an unsecured Capital One offer whatever
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it is when you apply for it they're not
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going to be aware of your past credit
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history with them all that they will be
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aware of is your credit report and what
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your score is and certain factors with
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that so the new way it's going to work
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is that when you apply for an unsecured
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credit card offer they are going to be
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completely aware that you've had a
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secured account with them before and
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that's going to factor in to whether you
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get approved or not so this new way is
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going to strengthen your chances of
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getting approved for an unsecured
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capital one card so is this card right
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for you is it right for most people you
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know what it's better than the majority
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of all the secured credit cards out
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there and I'd probably take a look at
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the discover it's secured card look you
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made this at the end so hit that
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subscribe button so you can watch more
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videos just like this one to help you
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build your credit faster until next time
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